Imagine. You’re waking up to saltwater waves crashing onto the sandy beach. There’s a gentle breeze flowing through your bedroom windows. You hear seagulls screaming out aloud in the background while searching for food. And it’s all available to you 24 hours a day and 7 days a week… Doesn’t it sound great to buy a beach house in Charleston?
There are millions of reasons why people dream of living on the beach. Owning a beach house is the ultimate goal for families who love being out in the sun. It’s the perfect oasis when family members come to visit you. The reasons can go on forever. However, there are other things to consider when buying a beach house.
5 Mistakes to Avoid Before Buying a Beach House in Charleston
Many people plan to live in their beach house full time. Others may choose to buy one as part of a long-term investment strategy. It doesn’t matter the reason being buying any house, there’s always room for potential problems. However, beach house issues are extremely different than when buying inland properties. Check out these 6 mistakes to avoid!
- Straying Away from Your Budget
It’s easy to forget about the budget when a beautiful home is right in front of your face. Especially when it’s a sprawling beach house with access to the beach. However, it’s important to remember not to overextend your budget.
A few things to consider include the cost of doing repairs and renovations. A beach house is constantly exposed to salty air. Plus, there’s always the threat of possible hurricanes damaging it. Never think about purchasing more house than what your line of credit can manage.
- Counting on Riding the Coattails of Rental Income
It’s no secret that some people finance a beach house by mortgaging their primary home. Many are doing this to cover the mortgage payments. However, it’s easy to float to the bottom quickly when done this way.
Besides the constant threat of hurricanes, a drop in the economy can also affect you. If the beach house is empty, then there’s no income flowing in. Plus, you will still have to pay for the cost of upkeep. This includes electricity, water, garbage, taxes among other bills.
- Forget to Check the Neighborhood
One look at the beach and you can easily fall in love and forget about everything else. However, spend time doing research on the neighborhood. Check to see if there’s a surplus of vacation rental properties. Look around and see if it’s a retiree community or a spring break haven.
As with any property, it’s important to do your homework. You can start your research by pulling up public records and checking zoning laws. Spending time on the beach will give you ample opportunity to study the culture of the area.
- Not Hiring a Coastal Home Inspector
Many people cut corners when buying beachfront properties by hiring any home inspector. However, this can lead to bigger problems later down the road. It’s crucial that you hire one who has experience inspecting coastal properties.
Besides the corrosive environment surrounding the house, there are other things to consider. A coastal home inspector can determine if the home has ever experienced flooding. This can lead to electrical damage, foundation issues and mold years later.
- Not Buying the Proper Insurance
There’s one big mistake to avoid when buying a beach house as a short-term vacation rental property. That mistake is not buying the proper insurance. It’s never a good idea to own it without covering it from loss.
A beach house in Charleston will need additional insurance coverage. Purchase a homeowner’s insurance policy that provides coverage for hurricanes and disasters. It’s also a clever idea to check into purchasing windstorm and flood policies.
Contact Us to Find a Beautiful Beach House in the Charleston Area
Hiring an experienced real estate agent is crucial to finding the right beach house. Let us help you by being your personal guide. At Charleston Home Team Real Estate, we strive to ensure your home buying experience is stress-free. Contact us at (843) 628-3960 to start your search for a beach house in the Charleston area today!